What Students Need to Know

Credit Cards: The Good, the Bad, the Confusing

"It's all about that credit!"

-Emily Dusicska

Panel 2

Positives

- Build your credit score

-Emergency Money

- Online Shopping

Negatives

- Destroy your credit score

- Debt

- Overspending

Panel 3: What You Should Know

Credit cards are plastic cards with lines of credit linked to them. Then enable you to make purchases now and pay them off later. You can get credit cards from banks, stores and other places like American Express. Credit cards are used to make purchases on loan and then pay off the balance when you get the bill. Someone may want a credit card for emergency situations or even to get a big purchase on sale. You have to remember that it willl cost you interest if you do not pay off the balance every month.

Panel 4: What You Should Look For

When you start comparing credit cards you should look for these things:

  • Low APR
  • A Grace Period
  • Spending Limit
  • Low or no annual fees
**** Make Sure you know ALL the fees for the card you choose****

Panel 5: What You Should Be Aware Of

Always make sure you are aware of:

  • Late fees
  • APR changes
  • Cash Advance Fees
  • Balance Transfer Fees
  • Rewards

Panel 6: Important Credit Terms

  • APR- Annual Percentage Rate: Interest
  • Late Fees- Fees for paying late
  • Balance Transfer- moving a balance from on card to another
  • Cash Advance- getting cash of a credit card to make purchases
  • Grace Period- time frame that you get to pay without getting charged fees or interest
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